Parking meter is a device used for collecting revenue in exchange for parking a vehicle at a particular place for limited time. Parking meters can be used as a tool for enforcing the street parking policy by municipalities.
Parking meters are generally installed in high traffic areas. Parking meters are part of both public and private agencies’ parking management solutions. Public infrastructure such as transit stations, libraries, stadiums, tourist attractions, civic buildings, universities and hospitals generate high parking demand which is major driver for parking meter market.
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Multi Space Parking Technology to Remain Popular During Forecast Period
The global parking meter market can be segmented on the basis of technology, parking mode, application and region. In terms of technology, parking meter market can be divided into parking meter (single space), parking kiosks (multi space).
On the basis of parking mode, the parking meter market can be segmented into pay and display, plate, space and others. Due to greater penetration of pay & display and ease of access, pay & display held the largest market share in 2016. In terms of application, the market can be classified into government institutions, hospitals, parks, transit systems, malls & stadiums and others (institutions, residential etc.).
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Asia Pacific to Lead Global Market as Automotive Industry Gains Momentum
Geographically, parking meter market can be divided into North America, Europe, Asia-Pacific, Middle East & Africa and South America. North America is expected to hold largest share among global parking meter market. Asia-Pacific is expected to witness highest CAGR during the forecast period owing to growing population in the emerging economies such as China and India.
Some of the major players in the global parking meter market with the significant developments are Cale Access AB, CivicSmart, Inc., IPS Group, Inc., LocoMobi Inc, J.J. MacKay Canada Limited, METRIC Group Ltd, Parkeon S.A.S., Parking BOXX, POM Inc., Ventek International and Worldwide Parking, Inc. among others.